for On December 31,2016 The following trial balance before adjustments is snowcrest LTD. Debits Credits S 10,000 24,000 2,000 3.000 56,000 Cash Inventory Advances to employees Supplies Equipment Accumulated depreciation, equipment Unearned revenue Bank loan payable Common shares Retained earnings Sales revenue Cost of goods sold Wages expense Repairs and maintenance expense Rent expense Miscellaneous expense Dividends declared Totals $ 4,000 6,000 20,000 40,000 9,000 230,000 130,000 4,000 25,000 6,600 15,000 3.400 $309,000 309 Data for adjusting entries: 1. As at December 3 1,20 16,80% of the wages that had been paid in advance to the salespeople had been earned. 2. A count of the supplies at year end revealed that $600 of supplies were still on hand. 3. Depreciation on the equipment for 2016 was $1,000. 4. The unearned revenue was advance receipts for future deliveries of goods. By December 31, 2016, two thirds of these deliveries had been made The bank loan was a six-month loan taken out on October 1, 2016. The interest rate on the loan is 996, but the interest is not due to be paid until the note is repaid on April 1, 2017. Salaries owed at year end and not yet recorded were $500. The rent expense figure includes $600 paid in advance for January 2017. Income tax for the year should be calculated using a tax rate of 25%. (Hint: After you finish the other adjusting entries, determine the income before income tax and then calculate the tax as 25% of this amount.) 5. 6. 7. 8, Required: Prepare the adjusting entries for the year 2016